FINMAX is a CFDs and binary broker. Its trading platform provides an opportunity to use in trading more than 1000 underlying assets, the list of which is constantly expanding. The broker claims to have an amazing team of financial market professionals, however, with all the benefits mentioned on the website, we still have a lot of questions about the company’s reliability. 

Is FINMAX a scam or legit broker?

No, it is not safe to trade with FINMAX as it is not regulated. This broker is owned and operated by Max Capital Ltd, Svitrigailos, Vilnius with the operational office address in Sofia, Bulgaria. However, we didn’t find this company in the register of the Bulgarian Financial Supervision Commission.

Being located in Bulgaria, the FINMAX does not hold any financial license to offer its service across major markets. Apart from the legitimate status, the unauthorized nature of trading inflicts the highest risk to lose funds due to the fact that none of the authorities check on the implemented safety measures and protective tools. Therefore, the FINMAX or any other non-regulated broker may use and manage client’s money in any manner with no imposed consequences.

The terms and conditions of the broker state that the company is supervised under the laws of the United Kingdom, but there is no mention of the broker in the regulator’s register and FINMAX actually doesn’t have any legal rights to offer its financial services to the UK residents.

FINMAX claims to be regulated by the FMRRC. Although FMRRC is an independent self-regulatory agency which was created to provide a level of regulation for derivative dealers and brokers. It has no connection with the Central Bank of Russia, the official regulatory body in Russia, and has very few legal powers with regards to regulating FMRRC regulated brokers. 

We advise all investors and traders to avoid FINMAX and other unregulated brokers. The lack of information about the broker’s regulation, trading conditions and contact details should be the biggest red flag for those who plan to invest with the entity. Usually, such companies run investment scams. Traders should trade with well-regulated brokers such as UK brokers or brokers in Australia and reliable brokers such as Alpari and XM.com.

You can also share your trading experience with FINMAX by commenting on this review.

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